SELECTED FINANCIAL INSTRUMENTS

		Outstanding at end	Transactions during	Other changes during	Outstanding at end
		Sep Qtr 2015	Dec Qtr 2015	Dec Qtr 2015	Dec Qtr 2015
		$b	$b	$b	$b
Currency and deposits
	Currency	72.4	3.6	-	76.0
	Transferable deposits	726.6	15.3	-1.3	740.6
	Other deposits	1 441.3	32.6	-12.2	1 461.6
Short term debt securities
	Bills of exchange	74.1	-4.1	-	70.0
	One name paper	456.4	-2.3	-4.3	449.7
Long term debt securities
	Bonds, etc.	2 312.0	28.4	-38.4	2 302.0
Derivatives
	Derivatives	625.5	-108.2	-33.3	484.0
Loans and placements
	Short term	372.2	-6.9	-1.1	364.1
	Long term	3 391.9	37.6	-11.2	3 418.2
Shares and other equity
	Listed	1 517.9	22.1	87.3	1 627.3
	Unlisted	2 929.0	-3.9	29.2	2 954.3
Insurance technical reserves
	Reserves of pension funds and life offices	1 942.6	23.3	35.4	2 001.2
	General insurance prepayments and reserves	106.4	-2.5	-	103.9
- nil or rounded to zero (including null cells)

The listed share market increased $109.4b in December quarter 2015, with net transactions of $22.1b and a valuation increase of $87.3b. Banks' shares recorded the largest valuation increase ($42.5b) followed by other private non-financial corporations ($23.0b). These valuation increases for banks and other private non-financial corporations follows two consecutive falls recorded in June quarter 2015 and September quarter 2015.

Net transactions in the loan market were $30.7b in December quarter 2015, driven by long term loans ($37.6b) as household ($26.4) and other private non-financial corporations ($10.2b) incurred loan borrowings from banks. Short term loans partially offset the net positive transactions in long term loans with net repayments of $6.9b.

Bonds decreased $10.0b with net transactions of $28.4b offset by revaluations of -$38.4b in December quarter 2015. Net transactions in bonds were driven by net issuances by banks ($12.4b) and national general government ($8.4b).The negative revaluations were driven by banks (-$16.2b) and other private non-financial corporations (-$8.9b); the largest negative revaluation since December 2010 for banks and September 2006 for other private non-financial corporations.